10 Unexpected Cities Seeing the Fastest Rent Hikes
You expect to pay top dollar to rent a home in New York or Los Angeles, but many smaller cities are catching up fast. Rent prices have skyrocketed over the past year and have continued to surge in early 2023.
Housing Market 2023: Prices Are Now So High That Banks Are Losing Money on Mortgages
Learn: How To Build Your Savings From Scratch
As of April 2023, the typical monthly rent in the U.S. was $2,013, according to Zillow. The typical change in rent from last year was 5.3%.
While some cities on this list are still enjoying average rents well below the U.S. average -- at least for now -- all had year-to-date changes in rent notably higher than average.
At least geographically, the cities don't have much in common. They're located all across the U.S., and some are suburbs of larger cities, one is a beach town and others offer a strongly suburban feel.
Regardless, they're all united by skyrocketing rents. There's no way to tell if this trend will hold, but any rent controlled apartments in these areas are likely more attractive than ever right now.
Keep reading to find out where rent is surging in the U.S. -- in places where you'd least expect it.
Burke, Virginia
March 2023 rent: $2,733
January 2023 rent: $2,513
March 2022 rent: $2,653
Year-over-year change in rent (percent): 3.01%
Year-over-year change in rent: $80
Year-to-date change in rent (percent): 8.76%
Year-to-date change in rent: $220
Find: 5 Affordable Up-and-Coming US Locations To Buy Vacation Property in 2023
I'm a Real Estate Agent: 6 Cities Where You Should Avoid Buying a Home This Summer
Normal, Illinois
March 2023 rent: $1,189
January 2023 rent: $1,092
March 2022 rent: $960
Year-over-year change in rent (percent): 23.78%
Year-over-year change in rent: $228
Year-to-date change in rent (percent): 8.88%
Year-to-date change in rent: $97
Housing Market: Should Older Americans Rent in Retirement Instead of Paying a Mortgage?
Gainesville, Georgia
March 2023 rent: $1,716
January 2023 rent: $1,576
March 2022 rent: $1,594
Year-over-year change in rent (percent): 7.70%
Year-over-year change in rent: $123
Year-to-date change in rent (percent): 8.91%
Year-to-date change in rent: $140
Inver Grove Heights, Minnesota
March 2023 rent: $1,732
January 2023 rent: $1,587
March 2022 rent: $1,566
Year-over-year change in rent (percent): 10.64%
Year-over-year change in rent: $167
Year-to-date change in rent (percent): 9.18%
Year-to-date change in rent: $146
Rocky Mount, North Carolina
March 2023 rent: $1,199
January 2023 rent: $1,087
March 2022 rent: $1,043
Year-over-year change in rent (percent): 14.91%
Year-over-year change in rent: $156
Year-to-date change in rent (percent): 10.29%
Year-to-date change in rent: $112
Pasadena, Maryland
March 2023 rent: $2,214
January 2023 rent: $2,004
March 2022 rent: $2,101
Year-over-year change in rent (percent): 5.36%
Year-over-year change in rent: $113
Year-to-date change in rent (percent): 10.49%
Year-to-date change in rent: $210
Take Our Poll: Who Has Given You the Best Money Advice You Have Ever Received?
Navarre, Florida
March 2023 rent: $2,199
January 2023 rent: $1,968
March 2022 rent: $1,919
Year-over-year change in rent (percent): 14.55%
Year-over-year change in rent: $279
Year-to-date change in rent (percent): 11.72%
Year-to-date change in rent: $231
Laramie, Wyoming
March 2023 rent: $881
January 2023 rent: $787
March 2022 rent: $766
Year-over-year change in rent (percent): 15.14%
Year-over-year change in rent: $116
Year-to-date change in rent (percent): 11.95%
Year-to-date change in rent: $94
Granbury, Texas
March 2023 rent: $1,806
January 2023 rent: $1,611
March 2022 rent: $1,563
Year-over-year change in rent (percent): 15.55%
Year-over-year change in rent: $243
Year-to-date change in rent (percent): 12.10%
Year-to-date change in rent: $195
Denison, Texas
March 2023 rent: $1,315
January 2023 rent: $1,120
March 2022 rent: $1,060
Year-over-year change in rent (percent): 24.13%
Year-over-year change in rent: $256
Year-to-date change in rent (percent): 17.46%
Year-to-date change in rent: $195
More From GOBankingRates
Methodology: For this piece, GOBankingRates used Zillow's March 2023 rental data and looked at all markets with a size ranking below 2,000 (meaning they are not one of the 2,000 largest markets). From there, we found the 30 places with the largest year-to-date percent change in rent, that also had a positive year-over-year percent change in rent. All data was collected and is accurate as of May 9, 2023.
This article originally appeared on GOBankingRates.com: 10 Unexpected Cities Seeing the Fastest Rent Hikes